South African bonds were softer on Monday afternoon, tracking earlier weakness in the rand, as the euro came under pressure from concerns over Catalonia. The rand recovered from earlier weakness on Monday afternoon, but analysts cautioned that foreign investors seemed comfortable with their holdings in emerging-market bonds for now. The euro remained slightly softer against the greenback, after the Catalan government earlier opted not to provide clarification on whether or not they unilaterally declared independence last Tuesday in the regional Parliament. The central government had then announced that Catalan Premier Puigdemont had until Thursday to clarify his position, or possibly be on the receiving end of a suspension of regional autonomy. The next steps, days and weeks ahead remained uncertain and could generate more volatility, said Barclay’s research analysts. The rand, which bonds track, had a recovery against the greenback last week, supported by local factors, such as the...
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